The 700 billion dollar bailout failed by a vote of 205 to 228.
Here's what Texas Congressman Mike Conaway had to say about his vote.
“While I know that something must be done to get our economy back on solid ground, I could not support the proposal that was brought to the floor today. Such massive government intervention is not the answer to working out the problems on Wall Street. We cannot make it habit to bail out companies when they make bad decisions, instead of allowing them to learn from their mistakes the same way that everyone else does – the hard way. We have the ability to help Wall Street sort out this crisis, without forcing taxpayers into a ‘bailout’. I understand the severity of the current situation, and Congress must stay in Washington as long as it takes to develop an alternative plan that everyone, including the American taxpayer, can agree on is best for our country.”
The bailout fiasco was anything but a partisan coup.
An unlikely coalition of conservative republicans and liberal democrats joined forces to send the bill back where it came from.
Mike Conaway said the last thing they had to go thru before they voted was a rant from speaker Pelosi.
Conaway said that she was so over the top in her criticism of the president that many were ready to vote against her as against the bill.
Rep. Mike Conaway said, “I struggled mightily right up to the last second I voted. I recognized the risk of doing nothing, and the greater risk of doing something wrong. I wanted the FDIC insurance limits loosened up. I wanted the insurance program for the mortgage-backed securities, that was the core of the proposal we sent back to them, to have more teeth in it. i didn't know until i got over to the house floor and stood for a long time where my voting buttons are about which way I was gonna go.”
He finally decided the bill was too many steps away from the free market system we work so hard to embrace.
The house is taking a break now until Thursday afternoon.
Conaway said he still expects the president to attend the fund-raising reception at his home in Midland Thursday morning.
Bailout Fiasco
Three questions come to mind in regards to this poor decision. First, who are we to think that a problem caused by Congress is going to get fixed by Congress? Secondly, who will be next for us to bail out or become owners of? Finally, if the bill hadn't changed from when you voted "no" it was still ripe to turn down a second time.
I've read where you said that if this bill didn't pass then the Democrats would craft something with lots of "extras" (my term) that would get passed..well, again, if the basic bill was so "good" why didn't it get passed in the first place? Not enough "extras"? You've lost my confidence over all this because, where and when will it end? If ever?
bailout
Let the banks hold on to the notes, not us. Guarantee the notes. Change the market to market accounting. Repeal the 2006 bill and the 1999 bill. Make the senate work some more. The more that the republicans have pushed the more we've gooten. Push some more.
Dear Sir: I know this
Dear Sir: I know this stupid bill is probably going to pass, but I hope you stick to your guns - and your principles - and vote against it. We've already lost our two senators. We don't want to lose you as well.
Best regards,
Penny Crosson
Midland, TX
Vote AGAINST Senate bailout, PLEASE !
Thank you for your courage in standing up for the innocent Americans and voting against Pelosi's bailout of her cronies!
PLEASE, do not vote for the Senate version of the same bailout! I saw several House Republicans speak Tuesday on a bill they were working on to replace it which didn't sell America down the drain. Their bill made sense, but I have heard nothing of it since--thanks to our manuplitive media. Rather than the government own our mortgages--then give them away to "The Chosen" by Pelosi,Frank and Dodd, loan money to the banks with high interest, (like Citicorp is paying) and remove the stupid "mark to market" rule and replace it with a rolling average rule. The "mark to Market" rule is stupid--my market to sell and your market to buy may be at opposite spectrams.
We Americans are strong and can survive this crisis. It will build character, which is badly lacking today. Look what the free markets are doing already--Citicorp found their own bailout, as did Morgan Stanley and Wachovia! Those who are supposed to survive will--and those who have destroyed themselves with greed and stupidity will not. This is what is supposed to happen, whether it be banks, businesses, or households! And as crude as this may sound, it is the best system ever invented on earth. Don't freeze it with interferrence so it cannot move!
Washington was not doing it's job--and that is what caused this mess. I read my annual reports and never once did they say that I owned sub-prime mortgages! Where were the Regulators, Bank Auditors, and Financial Auditors?
I owned Citicorp, AIG, Freddie Mac, J P Morgan and Wells Fargo in my retirement, along with other non-financial companies which are down by an average of 40%. They will probably go further. And if this bill is defeated, sure the market will crash--then it will come back! And smart people will make money in the process! But when government tells Fannie and Freddie to loan to people who can't afford to pay the loans back--this causes demand, which causes prices to go up, which causes bubbles, which eventually break! You can't keep the bubble inflated, or no one will be able to afford to own a home--they have inflated so much that average American's can't afford them. And Pelosi wants to keep their prices UP! The only way we will survive this is to let the markets do their job--without interference from the government. People who can afford a home, will purchase one at a price they can afford! And loans are out there--I'd rather loan my retirement to hard working Americans for a home than to own stocks with crooked, greedy boards and management! I have always voted my proxies--but they are rigged so my vote doesn't count!
Our son had his house repossessed last year--after filing for bankruptcy the year before. He should have had it repossessed! They don't pay their bills, but have pleanty of money to run around and play with! And four family members caught his house payments up for him--and he chose to continue playing rather than making his house payments!
Another daughter transferred to Florida 3 1/2 years ago and paid double for a house a little over half the size of their previous home. It has been under water since shortly after moving in. But they still have their jobs and will continue with their payments--their problem is a seven year balloon. But they will survive this, also! They are hard working, responsible people!
Another son is in the floring business. No one is building houses, but they are surviving by tightening their belt and have paid off their auto's and will drive them as long as they hold up--then buy ones with better gas mileage!
I have been listening to economists, professors and businessmen all week. Most agree that this bill will not solve the problem. You will be talking bailout again in a few months. The slide has began and it won't be stopped overnight. And this bailout won't stop it. It will only prevent you from doing something better which might stop it! Interfering with our entire economic system will make it impossible to work properly, and will keep this recession going!
And don't you suppose that the government has about reached the limit of it's debt "bubble"? Who is going to loan America money that we can never pay back?
I am broken hearted that John McCain and both our Texas Senators voted for this stupid bill laden with PORK. I am flabbergasted that people's representatives in Washington would think of selfishness at such a crisis. And I will be voting for new blood in the next Texas Primary for those voting us into this mess.
Please, keep your courage and vote against this bill. Make a better one if your must--but not this one!
Thank you for your service and your time!
Sincerely,
Nola L. Thompson
Bail Out Too Costly and Getting Worse
I applaud your decision to vote NO. I agree something needs to be done, but not by tearing down our free market economy. Perhaps setting up a fund for these financial companies to make bridge loans to get capital flowing again would make more sense. The government should stay out of the mortgage business. The Senate bill has just added another $150 billion to the national debt over and above the $700 billion already in the original package. I like tax cuts just like anyone else, but their was no mention of spending cuts to offset the tax cuts. Don't take the bait. I hope you will again vote NO to the bailout the second time around. I expect the economy will go south, but we will survive. KEEP THIS COUNTRY FREE!!!!
Sincerely
Michael Braden, M.D.
Fredericksburg, TX 78624
The 700 billion dollar bailout
I don't see why the tax payers should have to pay for this! I think you and other conservatives should continue to vote no, until they come up with something that is less a burden to the tax payers.
Rescue Plan and Congressional Spending Limits
If Congress does not approve a rescue plan, then what are the other options that respond to the market and yet hold the financial institutions responsible for its future success or failure?
I am interested in seeing Congress act in a responsible manner but in a decisive manner. If our options are to approve a rescue plan or go into a deep recession, then the answer should be clear. There will be time in the future for blame and applying corrective action to prohibit this situation from happening again.
I believe part of the problem has been the lax standards set for loaning money for those people that should not be borrowing. The Democrat socialism will drive us back to more giveaway programs if we do not stop spending and trying to solve all of America' problems. We must develop
a conservative standard for all Americans and provide solutions for thses that need additional help. Let's not just lower the standards so all Americans can participate.
Thanks for your courage.
I will not vote for anybody that votes for any kind of a bailout bill. I respect and admire you for the stand that you have taken on this matter. Thank you and God Bless you and your family.
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